By Sabina Muradova
On Dec 14, 2020
There is less than a month left to the end of 2020. It is a matter of curiosity what price can BTC reach by the end of 2020 and in 2021.
The price of Bitcoin, which was traded at around $ 6,000 in March 2020, started to rise rapidly in the following seasons. Over the past few months, the leading cryptocurrency’s value has grown significantly. As of today, Bitcoin broke a crucial bullish pattern that indicates the possibility of further rising above the dollar. The price is showing signs of a positive rise above the $ 19,000 zone against the US dollar, according to analysts. Based on CoinMarketCap data, at the time of writing, BTC is trading near $19,170.
Although there was no change in the foundation of Bitcoin, multiple external factors caused the price to rise sharply. In addition to the Covid-19, US presidential elections, BTC investments by companies such as MicroStrategy and Square have affected the price. Then, payment giant PayPal has finally added crypto assets to its services. Huge asset management companies such as Fidelity and BlackRock even accepted Bitcoin as a valuable investment opportunity. Defending words from notable names such as Jack Dorsey and Paul Tudor Jones fueled the rise even more.
As with every time Bitcoin starts to become parabolic, the influence of whales and the doubt of traders pull the price back. Short-term investors and miners begin selling their Bitcoins. The uptrend ends, and then a period of correction begins. Bitcoin is currently in the middle of this correction period. If Bitcoin crosses its all-time high once again and reaches over $ 20,000, the uptrend this time could be much significant.
BTC is showing many positive signs towards the $ 19,150 and $ 19,200 levels. Resistance is near the $ 19,320 level or the 76.4% Fib retracement level of the last downside correction. According to analyst Aayush Jindal, a break above $ 19,320 could open the doors for more bullish above $ 19,433. In this case, there is a high chance of a strong upward move above the $ 19,500 resistance. The next major resistance is near the $ 19,800 level, followed by $ 20,000.
As of the 2021 year, there are a wide variety of promising targets for Bitcoin’s price. The price range varies from Mike Novogratz‘s $ 65,000 forecast to PlanB‘s $ 288,000, based on the popular stock-flow model. Meanwhile, CitiBank recently estimated it would be $ 318,000. The Winklevoss twins announced $ 500,000.
While it is not certain as to what price can BTC reach by the end of 2020 and in 2021, it is certain that the near terms will be exceptional for Bitcoin.
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Disclaimer: All information provided in the content is for informational purposes only and should not perceive as investment, financial, or trading advice. Any investment decision you make should be a personal choice based on financial knowledge, experience, and market research.
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